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Ilan Mask will pay more than $ 11 billion in taxes

Tesla CEO Ilan Musk tweeted that he expects to pay more than $ 11 billion in taxes by 2021. This figure is almost in line with the figure announced in last week's report by Cyanobcy. The report estimates that Musk will pay $ 7 billion in state and federal taxes this year and another $ 5 billion by January 1. Cyanobci said the figure could set a record for the world's largest tax bill.

The revelation comes as Mask and other billionaires tightly monitor the amount of tax they pay. , Face. As Cyanobcy News reports, Mask does not receive a salary or cash bonus in his role as CEO of Tesla, and instead his income is offset by his company's dividends. When a Tesla CEO needs money, he can borrow it using his stock as collateral that has no similar tax obligations.

BingMag.com <b>Ilan</b> <b>Mask</b> will <b>pay</b> <b>more</b> <b>than</b> $ 11 <b>billion</b> in taxes

But the difference with his story this year is that Musk started selling billions of Tesla shares in early November, which, according to the CBN news site, paid a total tax rate. His turnover reaches more than 53%. The decision was apparently the result of a Twitter poll conducted in November in which users voted in favor of Mask to sell a 10% stake in Tesla. In the poll, 57.9% of the participants voted in favor and 42.1% voted against. This led to a 11.9 percent drop in the company's stock value and a decrease in Ilan Mask's capital to $ 288 billion and a $ 200 billion drop in Tesla's market value.

Earlier this year, ProPublica reported that Musk 2018 did not pay federal income tax, and despite a $ 13.9 billion increase in its wealth, it has paid only $ 455 million in taxes in the last four years. Speaking at this year's Code conference, Musk said his taxes in 2018 were zero because he had paid more than that in the previous year.

The American has paid taxes in 2021, and he is still the richest man in the world, regardless of this. According to Bloomberg Billionaires Index, Mask's net worth is currently estimated at $ 243 billion, about $ 50 billion more than Amazon founder Jeff Bezos at $ 195 billion. The 50-year-old billionaire owns a 20% stake in Tesla, and the company's value growth is having a huge impact on his wealth.

BingMag.com <b>Ilan</b> <b>Mask</b> will <b>pay</b> <b>more</b> <b>than</b> $ 11 <b>billion</b> in taxes

In recent months, Tesla shares have grown significantly, exceeding $ 1 trillion, after signing a contract to sell 100,000 electric vehicles to a car rental company. Another interesting point is the comparison that Eduard Luke made to Ilan Mask's wealth, comparing it to Pakistan's GDP. According to him, Mask's wealth has now exceeded the country's GDP of 220 million people. Also last week, Tesla CEO was named Person of the Year 2021 by Time magazine.

Source: TheVerge

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